Fuel increases today

01 August 2018 | Energy

Motorists will have to dig deeper into their pockets after yet another fuel price hike today, this time caused by a fuel tax increase.

The energy ministry yesterday announced that the prices of petrol and all grades of diesel would increase by 25 cents a litre at midnight.

According to energy minister Tom Alweendo, the latest fuel price review indicated that oil importers were paying more for fuel than the retail prices set by the government.

“The final figures recorded are way above the prices set by the government and these pricing under-recoveries are huge enough to trigger upward adjustments in the local pump prices in order to create cost-recovery equilibrium in the local market,” he said.

However, these under-recoveries will be wholly absorbed by the National Energy Fund (NEF) on behalf of consumers.

Alweendo said last month the NEF also financed the entire under-recovered amount on behalf of fuel consumers.

But the finance ministry, which is responsible for government revenue, decided to increase the fuel tax on all price-controlled petroleum products by 25c per litre to 65c per litre effective 4 July.

“However the NEF reimbursed all importers as this adjustment was not passed on at all pumps. The local oil market operates on a cost-recovery model and the idea is that all supply costs are passed on to consumers at the pumps,” said Alweendo.

The new pump prices at Walvis Bay will be N$12.55 per litre for petrol, N$12.88 per litre for Diesel 500ppm and N$12. 93 for Diesel 50ppm.

ELLANIE SMIT

Similar News

 

New Harambee electricity targets

5 days ago - 18 March 2019 | Energy

Deputy energy minister Kornelia Shilunga says government will soon commit itself to the 100% electrification of schools, hospitals and other public institutions, as well as...

Eskom too big to fail

1 month - 07 February 2019 | Energy

Eskom was too big and too important for South Africa to be allowed to fail, President Cyril Ramaphosa said on Tuesday.The troubled South African state-owned...

Opoloyela yolusheno lwoonkondo dhetango mOkatope ya tameke

1 month - 04 February 2019 | Energy

Omahangano gatatu ngoka ga pewa ootendela kehangano lyoku andjakaneka olusheno moNamibia lyaNamPower, opo ga tulepo oosasiyona ndatu dhoolusheno lyoonkondo dhetango mOkatope moshitopolwa shaShikoto oga tameke...

Okatope solar plants get off the ground

1 month - 01 February 2019 | Energy

Three companies awarded tenders by NamPower to set up three solar power plants at Okatope in the Oshikoto Region have started construction.NamPower signed power purchase...

Resized Kudu affordable - Namcor

1 month - 31 January 2019 | Energy

The National Petroleum Corporation of Namibia (Namcor) is confident that the revised Kudu gas-to-power project, which will now only supply energy to the local market,...

Seismic oil exploration starts offshore

1 month - 23 January 2019 | Energy

Augetto Graig Portuguese-based energy company Galp will start with a 3D seismic research campaign in Namibia’s Deep-water Offshore Licence PEL83 in the Orange Basin on...

Namcor prevails

2 months ago - 18 January 2019 | Energy

The National Petroleum Corporation of Namibia (Namcor) has been chosen to manage the strategic fuel storage facility in Walvis Bay, but will initially appoint a...

Stable rand to help fuel prices

2 months ago - 03 January 2019 | Energy

Simonis Storm analyst Indileni Nanghonga believes that fuel prices could drop further if the rand strengthens against the US dollar. This follows a reduction...

Southern RED set for 2019

2 months ago - 28 December 2018 | Energy

The establishment of the Southern Regional Electricity Distributor is expected to be completed in 2019 following the finalisation of a formula that will reimburse local...

Less time at the pump, more fun on the...

3 months ago - 04 December 2018 | Energy

Due to increasing crude oil prices and exchange rate depreciation, Namibians now pay record prices for fuel at filling stations. These increases place even greater...

Latest News

Namibians first!

1 day - 22 March 2019 | Business

The Construction Industries Federation (CIF) of Namibia has proposed that bidders with less than 100% ownership by Namibian citizens should be disqualified from bidding for...

2019 ‘to-do’ lists for business...

1 day - 22 March 2019 | Columns

Getting your business off to a great start in a new year requires planning, critical thinking and dedication to executing your strategy.We asked Forbes Coaches...

A fierce corporate climber

1 day - 22 March 2019 | People

Carlota David-Howoses was born and grew up in Rundu.She attended Noordgrens Secondary School in Rundu, then moved over to Etosha Secondary School in Tsumeb and...

We are at a crossroads

1 day - 22 March 2019 | Opinion

I remember when I turned 29. The battle scars were starting to show. There were hard decisions. The hangovers of 'nice times' and the gay...

Pupkewitz Megaboards opens door

1 day - 22 March 2019 | Business

Pupkewitz Megabuild recently opened a new subsidiary, Pupkewitz Megaboards. “Pupkewitz Megabuild continues to expand its product and service offering in line with the Pupkewitz Group’s...

Satrix lists ETFs on local...

1 day - 22 March 2019 | Business

Satrix on Tuesday announced its secondary listing of its global exchange traded funds (ETFs) suite on the Namibian Stock Exchange (NSX).The listing is the first...

Corruption - A social disease...

1 day - 22 March 2019 | Columns

Johan Coetzee - One of the most popular indices used by investors to provide them with an indication of the level of corruption and governance...

Government pharmaceutical plant on hold

1 day - 22 March 2019 | Health

Government's plan to construct a pharmaceutical plant is on hold until various agreements are reached with private sector partners involved in the project.This is according...

Local content top priority

1 day - 22 March 2019 | Economics

A 'buy local' policy with local content requirements will, in the long run, help smaller businesses to sell goods and services to government.This was the...

Load More